- Sui’s price surged 10% in 24 hours, hitting new all-time highs and ranking 15th by market cap.
- The increase follows news of Sui’s partnership with Ant Digital to tokenise Chinese solar assets.
- The collaboration aims to introduce real-world assets into the blockchain, enhancing Sui’s market position.
- Amid network challenges, Sui’s focus on scalability and fast transactions solidifies its potential growth.
Amid Bitcoin’s new all-time high, altcoins are also rallying and one of the biggest gainers is Sui. In the last 24 hours, SUI rallied 10%, outperforming most other coins. It also continues to make new ATHs while eyeing the top ten by market cap.
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Currently Sui sits at 15th spot with a total market cap of US$14.1 billion (AU$22.1 billion) just behind Toncoin (TON). Sui trades for US$4.84 (AU$7.59) at the time of writing, making the ATH of US$4.93 (AU$7.74) just a short while ago.
Sui (SUI), daily chart, source: CoinMarketCap
Sui Enters Tokenisation Space
The hike in price comes on news that Sui is partnering with China’s Ant Digital to tokenise real-world assets, focusing on the environmental, social, and governance (ESG) sector, particularly Chinese solar assets from a top-ranked Fortune China 500 manufacturer.
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Ant Digital, part of Ant Group and known for the Alipay network, launched its tech brand ZAN in 2023 to facilitate the issuance and management of these tokenised assets.
ZAN, equipped with tools for compliance like KYC and AML, integrated with Sui via Mysten Labs to enhance cross-network communication through its role as an RPC node operator.
Jameel Khalfan, Head of Ecosystem Development at Sui Foundation, commented on the significance of the partnership.
Tokenizing the ESG market is an incredible step forward for real world assets. Through this partnership, investors will have access to a whole new market, and it’s all happening on the platform most suited for it, Sui.
Jameel Khalfan
Sui Could Be the Chosen One, Says Pal
Sui, touted as a potential Solana killer, faced a network outage in late November due to a bug in its congestion control code that led all network validators to crash. The problem, triggered by a unique transaction type, was quickly resolved by the Sui development team with support from its validator community.
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Raoul Pal, former Goldman Sachs manager and hedge fund manager, is deeply convinced about Sui’s success. Pal, who is on the board of the Sui Foundation and is transparent about this, says he believes that Sui could be one of the best bets for this cycle.
The team is world class. They built scalable blockchains suitable for 3 billion people. Plus, they got the latency of the chain down to 600 milliseconds. It feels they got everything right and I don’t see what else is gonna dominate
Raoul Pal
